bank loan for full time poker player

[r0eKY]

i got 30k saved up and want to buy a home in my city (Louisville)and put it up for rent. I can get something that will generate a postive cash flow for 50k. Will a bank help someone with 30k cash but no job history for the last 2 years?

[meditate89]

If you're putting 50% or more of the purchase price down on the property, I don't really see a reason why a bank wouldn't want to lend to you... if you stop paying, they'll just take the house back and profit.

I would try to put down as little as they'll allow you to since mortgage rates are so good right now... but keep a large cushion to make the monthly payments.. and amortize over 30 years if you can... even if you're just borrowing 30k. It may be hard to find a bank that wants to deal with writing such a small loan now that I think about it... you should probably just go talk to the bank / mortgage broker / whoever.

[SossMan]

[ QUOTE ]
i got 30k saved up and want to buy a home in my city (Louisville)and put it up for rent. I can get something that will generate a postive cash flow for 50k. Will a bank help someone with 30k cash but no job history for the last 2 years?

[/ QUOTE ]

You can generally get a No Doc loan from a broker (you won't find these at most local banks) if you have at least 35% down for an investment property. The rates are a little higher, but it's the only way you can get the loan w/out verified employment history.

Also, if you don't have a house yourself, there are sometimes restrictions about a first-time homebuyer buying a non owner occupied property.

Get a good rec for a local mortgage broker.

[r0eKY]

thanks meditate89 and sossman i checked around online for "no doc loans" and prior work history stills seems to be a major factor in desiding if get the loan or not. I dont want to talk to a person cause im sure the same question will come up "so where do you get your money"

[SossMan]

[ QUOTE ]
thanks meditate89 and sossman i checked around online for "no doc loans" and prior work history stills seems to be a major factor in desiding if get the loan or not. I dont want to talk to a person cause im sure the same question will come up "so where do you get your money"

[/ QUOTE ]
Mortgage people all speak in accronyms. Let me help.

Full Doc = Traditional underwriting with full documentation of tax returns, employment, assets, etc..

SIVA = Stated Income Verified Assets, you state you income on the application, but it isn't verified...job is verified verbally as are assets

SISA = Stated Income Stated Assets...income and assets are stated but not verified and employment is verbally verified

NINA = No Income No Assets (sometimes mistakenly called a No Doc), income and assets are not disclosed on the application but EMPLOYMENT IS STILL VERIFIED

No Doc, sometimes called a 'true No Doc' so that it's not confused with a NINA, no income, no assets, no employment verification...you can be unemployed with no income, no money etc...all you need is a certain credit score and a certain loan to value ratio.

Ask specifically for a True No Doc.

I would go to a broker for this, as you will likely not find it at your local bank or any other retail bank.

[r0eKY]

thanks for your help SossMan but all 4 of thoes options EMPLOYMENT IS STILL VERIFIED verbally so if i played poker for the last 2 years online then what should i tell them.

[Statutory]

Tell them you are a poker player because lying is a crime as far as I know.